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Crude-Oil Prices Rise to Highs
On Late Surge in Volatile Session

By

Aaron Lucchetti Staff Reporter of The Wall Street Journal

Updated Jan. 2, 1997 12:01 a.m. ET

A late buying surge pushed crude-oil futures to contract highs Tuesday on the New York Mercantile Exchange.

Crude oil for February delivery rose 55 cents to $25.92 a barrel, with most of the gains coming in the last 45 minutes of trading. At one point in the half day of trading, the contract hit $25.97, surpassing a previous high of $25.55.

Analysts said volume and volatility were unusual for the New Year's Eve trading session,...